The PRAYAS FINANCIAL SERVICES PRIVATE LIMITED (‘the Company’), abbreviated PFSPL, is an offshoot of Gujarat based, Not for Profit Entity- PRAYAS Organization for Sustainable Development (‘PRAYAS Trust’), registered on 11th November 1997, under Bombay Public Trust Act, 1950 along with the Society Act, 1860. Currently, PRAYAS trust is providing services in 4 states of India- Gujarat, Madhya Pradesh, Rajasthan & Assam with major focus on Education, Entrepreneurship and Health spheres.
After a decade of ground experience, evolved knowledge of core issues of the community members, especially women, PRAYAS learnt that mere mass awareness in education and health will not make things sustainable, unless whole family, especially women in the family, will not be financially literate and economically self-sufficient to take financial decisions and make free choices.
Thus, in 2006-07, Prayas started a microfinance program with the support of FWWB. For the ease of operations, PRAYAS had two separate wings, one Social Responsibility Wing and Microfinance Wing, complementing each other. Now PRAYAS also built its experience in microfinance and learnt many insights of financial inclusion, financial literacy, investments, operational SOPs and partner’s trust.
With almost another fifteen years of experience in microfinancing, a microfinance program was transformed into a formal entity, NBFC-MFI in 2020, essential to rapidly scale up microfinance services under the guidelines of regulatory framework of RBI.
The Company believes in increasing financial prosperity on the foundation of social values. PFSPL has a clear focus to reach out to remote areas with least availability of Banks and other financial institutions. The purpose is to fulfil the economic necessities of poor communities vs bridging the gap between people and banking services to make women self-reliant and raise their family’s standard of living.
With almost another fifteen years of experience in microfinancing, a microfinance program was transformed into formal entity, NBFC-MFI in 2020, named as Prayas Financial Services Private Limited (PFSPL), essential to rapidly scale up microfinance services under the guidelines of regulatory framework of RBI. With highly versatile teamwork and their skill developed a vast client portfolio has been created.
Shabana Abid Khan is an ordinary woman living in Bhabra block of Ahrajpur district. She has a total of 7 family members including her husband, in-laws, and four children.
Shabana's husband was a driver in 2003 and was the only source of income at home. His income was not enough to make Sustain the family one meal a day and the children were not able to meet the study properly.
This led to daily conflicts among family members and she was not able to move out into the community due to embarrassment.
In the same year, Shabana came to know about Prayas microfinance. She thought of helping the family, and took a small loan of Rs. 7000 to open a shop of porcelain utensils.
Shabana's family and society protested that women in our society do not set up shop in the market. But for Shabnam, need for children's hunger and school was the most important.